Infosys (INFY) just isn't growing anymore, as you see in this chart from an Isec report. If you look at total active clients, this number peaked 2 quarters ago. Now, the global economy is contracting, so this is perhaps a result of this. But it's interesting to note that the potential market for Indian IT isn't the limitless ocean it used to be.
Total clients are not growing, and billing rates are headed down (since clients are renegotiating):
More reasons to be underweight INFY.